Base Metals Preview: Copper Pulls Back Near 20-Year Lows

13 Jul 2022 , 09:09 AM

Copper futures see mild pull-back near 20-year lows, gaining support from dollar that is off its previous day peak. Nevertheless, heightened concerns surrounding global economic slowdown coupled with renewed lockdowns in China is likely to keep the commodity under pressure. Besides, a slight fall in copper inventories to more than a week also supported the commodity. LME copper stockpiles dropped 1325 tonnes to 131775 tonnes. COMEX copper futures are currently up more than 1% at $3.29 per pound. Wall Street came under pressure in late trades as traders looked ahead to the Labor Departments report on consumer price inflation in the month of June. The major averages climbed off their worst levels going into the close but remained firmly negative. Powered by Commodity Insights